Hutchison sets price range for telecom IPO

Company now hopes to raise $972 million to $1.12 billion from flotation of telecommunication assets.

Hong Kong conglomerate Hutchison Whampoa has set the price range for the forthcoming HKSE and NYSE listing of Hutchison Telecommunications International HTI. Pre greenshoe, the company will offer 25% of HTI's existing share capital through an issue of 1.15 billion old shares.

The price range has been set at HK$6.59 to HK$7.63, netting potential proceeds of $HK7.58 billion $972 million to HK$8.77 billion $1.12 billion. Pricing at this level will...